Gold declined modestly Wednesday after two straight days of 40-cent gains, but still marked a 5-3/4-year low. Silver closed at an 11-week low and extended its losing streak to eight sessions.
Gold for December delivery dipped $3.60, or 0.3%, to settle at $1,084.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the weakest since Feb. 10, 2010 when prices ended at $1,076.30 an ounce.
"Overall trading activity in the U.S. was quieter Wednesday as it was the Veterans Day holiday, when most of the U.S. government and most banks were closed," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Lower Nymex crude oil prices that were poised to close at a 2.5-month low close Wednesday were also a bearish ‘outside market’ working against the precious metals bulls."
Gold prices ranged from a low of $1,083.20 to a high of $1,093.50. They are 0.3% lower on the week.
Silver for December delivery dropped 9 cents, or 0.7%, to $14.26 an ounce, the lowest since Aug. 26 when the settlement was $14.04 an ounce. Silver prices ranged from $14.23 to $14.49. They are 2.9% lower than Friday.
In other precious metals futures on Wednesday:
-
January platinum declined $16.40, or 1.8%, to $883.10 an ounce, trading between $880.80 and $907.90.
- Palladium for December delivery fell $20.80, or 3.5%, to settle at $577 an ounce, ranging from $574.70 to $603.
London Precious Metals Prices
Earlier fixed London gold and silver prices also declined. In comparing their prices from Tuesday PM to Wednesday PM:
- Gold shed $1.20, or 0.1%, to $1,085.90 an ounce.
- Silver fell 11 cents, or 0.8%, to $14.44 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Coin Sales
U.S. bullion sales were muted Wednesday as the United States Mint was closed in honor of Veterans Day.
Below is a listing of U.S. Mint bullion products with the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Wednesday Sales | Last Week | This Week | Oct Sales | Nov Sales | YTD Sales | |
| $50 American Eagle 1 Oz Gold Coins | 0 | 4,500 | 8,500 | 26,000 | 13,000 | 559,000 |
| $25 American Eagle 1/2 Oz Gold Coins | 0 | 0 | 0 | 4,000 | 0 | 67,000 |
| $10 American Eagle 1/4 Oz Gold Coins | 0 | 2,000 | 4,000 | 4,000 | 6,000 | 152,000 |
| $5 American Eagle 1/10 Oz Gold Coins | 0 | 30,000 | 10,000 | 50,000 | 40,000 | 920,000 |
| $50 American Buffalo 1 Oz Gold Coins | 0 | 4,500 | 1,500 | 10,500 | 6,000 | 187,000 |
| $1 American Eagle 1 Oz Silver Coins | 0 | 1,079,500 | 1,016,500 | 3,788,000 | 2,096,000 | 41,938,500 |
| 2015 Homestead 5 Oz Silver Coins* | Sold Out | 35,000 | ||||
| 2015 Kisatchie 5 Oz Silver Coins* | 42,000 | |||||
| 2015 Blue Ridge Parkway 5 Oz Silver Coins* | 45,000 | |||||
| 2015 Bombay Hook 5 Oz Silver Coins* | 45,000 | |||||
